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State Courts -
Delaware - August 19, 2008
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R&R Capital, LLC v. Buck & Doe Run Valley Farms, LLC, Civil Action No. 3803-CC,
COURT OF CHANCERY OF DELAWARE, SUSSEX, August 19, 2008, Decided
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Overview: Sophisticated members of the seven waiver LLCs knowingly, voluntarily, and unambiguously waived their rights to petition the court for dissolution or the appointment of a receiver under the Delaware LLC Act. This waiver was permissible and enforceable because it contravened neither the Act itself nor the public policy of the state.
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